by Ryan McMullen
Wal-Mart has long been the poster child for the Big Guy pushing out the Little Guy. For the most part, it seems the masses are more than willing to accept that as a harsh truth and the reality in which we live. So what do you do as a small, independent retailer or service provider when the national franchise moves in next door?
Do you board up your windows and put together your résumé in hopes of landing that Wal-Mart greeter position?
Turn on any clichéd news story about the Big Guy moving in, and like clockwork, the journalist will throw out the story of David vs. Goliath. Upon further review, it turns out David vs. Goliath is not exactly the great underdog story we all thought. David may have been small, but he was armed with a slingshot. In today’s terms, he had a Dirty Harry .44 Magnum.
Which guy do you want to be in that fight? I don’t know about you, but I’m always going to bet on the person who brings a gun to a knife fight.
The question becomes, “What is your slingshot to defeat your modern-day Goliath?” The answer is your size.
For you to compete with national chains, your business’ small size is your biggest advantage. Here’s why:
• Speed. National chains move slowly in just about every facet of their business. You have the ability to make quick decisions and adapt to trends and market conditions much, much faster.
• Customer service. There is a critical mass that is quickly reached when it comes to company representatives who can provide truly personalized service and build relationships. As a smaller business, you’ve got the ability to reach your customers on a very personal level and create an army of brand advocates in your space.
• Trend identification. You are on the front line with your customers, so you know exactly what they want and can quickly adjust your offerings. In almost all cases, the items you see on the shelves of chains are put there by one national buyer many, many miles away with no real pulse on local trends.
• Community. As a local yourself, pay attention to what events are coming up on the local calendar and be a part of them. In addition, supporting local causes makes you “one of us” and endears your brand to your customers.
• Energy. Your business is your baby, and no hired employee can ever match the love and zest you have.
The reality is that the national brands are going to destroy you on price. Just as David is not going to beat Goliath in a fistfight.
However, when you engage your competitor on your terms, armed with your biggest advantages, it cannot compete with you.
Ryan McMullen (ryan@stlouismarketinglab.com) is the owner of St. Louis Marketing Lab.
Submitted 10 years 54 days ago